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Valued Contributor
dodgerslv
Posts: 1,681
Registered: ‎06-16-2012

Didn't know WF gave auto CLI on secured card

Just noticed when i logged in on my Wells Fargo secured card account that i got an auto CLI of 500 without sending them funds for it....is this normal from WF??? anybody know? and does that mean that i probably will not graduate once April rolls around (thats when i am eligible for it)



biggest limits: BofA Privilege (33K)/ Citi AA WEMC (26k)/ Penfed Rewards (22.5k)/ Chase United Explorer (22k)
Fico 08 scores (6/21/14) EX: 758 TU: 759 EQ: 755 (high Utilization for me at the moment @10% so gardening mode).





Frequent Contributor
scarrollprint
Posts: 382
Registered: ‎06-26-2012

Re: Didn't know WF gave auto CLI on secured card


dodgerslv wrote:

Just noticed when i logged in on my Wells Fargo secured card account that i got an auto CLI of 500 without sending them funds for it....is this normal from WF??? anybody know? and does that mean that i probably will not graduate once April rolls around (thats when i am eligible for it)


If anything it probably means you WILL graduate (or at least your going in the right direction).

 

 

They gave you a CLI without asking for funds because they trust you. They don't trust you enough to give you back your deposit, but they trust you enough to take some risk ($500). Nice thing is though come April or whenever they do it; you'll keep the same CL that your at, they'll just send you back whatever money you deposited.

 

IF I were you, I'd add a couple hundred between now and April if you can to get that limit up. Once they graduate you, you'll get it all back anyways but you'll keep the limit.

 

Look at this as a good sign - so Congrats on the auto CLI!

 



Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three
Established Contributor
cashnocredit
Posts: 957
Registered: ‎07-18-2009

Re: Didn't know WF gave auto CLI on secured card

This is a newish thing for WF. They are just getting their secured card sea legs. This not only makes the card more attractive but provides them additional metrics for future banking decisioning.

 

They have also changed their notification processes. Back when they unsecured my CC (two years ago), I didn't even recieve notification until after I noticed a new CC account when I logged on. Initially concerned about ID theft, the CSR noted it was just a new account, with the same CL as the old, and linked to the old. Charges on the old CC would be automatically transferred to the new CC.  About a week later I got a new card (with new number) and the collateral was returned. I recieved a letter noting the card had been unsecured -after- I got the card in the mail!  They appear to have made the process a little more sequential to avoid surprising people.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

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Valued Contributor
Duncanrr
Posts: 2,841
Registered: ‎06-08-2012

Re: Didn't know WF gave auto CLI on secured card

OP- can you give us some more information? How long have you had the card? What are your current scores? What has your usage been like on the card, etc?

I got their secured card and have had it for 6 statements now. Cap1 just gave me auto CLI on my secure card with them, also 6 mo this old, and was curious about WF.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
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Valued Contributor
dodgerslv
Posts: 1,681
Registered: ‎06-16-2012

Re: Didn't know WF gave auto CLI on secured card

well hopefully that is a good sign...I opened the acount back in January with 300 deposit...then incresed it to 2000 and then 3000....so now i am at 3500...I have never had it higher than 850 balance (and thats when i had the limit at 2000).



biggest limits: BofA Privilege (33K)/ Citi AA WEMC (26k)/ Penfed Rewards (22.5k)/ Chase United Explorer (22k)
Fico 08 scores (6/21/14) EX: 758 TU: 759 EQ: 755 (high Utilization for me at the moment @10% so gardening mode).





Valued Contributor
dodgerslv
Posts: 1,681
Registered: ‎06-16-2012

Re: Didn't know WF gave auto CLI on secured card

To all previous WF secured cardholders: did any of you ever recieve auto CLI while the card was still secured? what was the outcome come eligible for graduation?



biggest limits: BofA Privilege (33K)/ Citi AA WEMC (26k)/ Penfed Rewards (22.5k)/ Chase United Explorer (22k)
Fico 08 scores (6/21/14) EX: 758 TU: 759 EQ: 755 (high Utilization for me at the moment @10% so gardening mode).





Frequent Contributor
scarrollprint
Posts: 382
Registered: ‎06-26-2012

Re: Didn't know WF gave auto CLI on secured card

I don't know about WF but I do know BOA is very good at adhearing to the 1 year graduation (as long as account was in good standing).

 

Some secured cards NEVER graduate and stay secured for as long as you have them.

 

But as I said, if you were told 1 year and it would unsecure, I think you have a very strong case that it will and considering that they gave you an auto CLI then that shows they are taking a risk on you on - which is obviously a good thing. At the year mark if you don't see an automatic graduation. I would go into a local branch and ask for it to be graduated. If you do your personal banking with them as well that will help your case. If all you have is this card with them then state how you would like to transfer the collateral into a savings/checking account to build a banking relationship.

 

and to Dodgerslv - everything when it comes to credit is your mileage may vary - and usually greatly.  Banks have tendencies but they also have a whole lot of points that are way out in left field (and beyond). Obviously an auto CLI is a good thing - its a good thing if the card is secured or unsecured - it means the bank is telling you they are willing to increase their risk with you without you even asking them to and thus a sign that they know your a valued customer. I have never heard any bank where the norm is to take back all auto CLIs upon graduation. What would be the point in even giving you a CLI in the first place if the bank intends to take it back in 6 months or whatever timeframe. Not saying it can not happen; however, the tendency of all banks is that once it graduates the CL stays at whatever it was before when it was secured.

 

Thus why so many people say, push it to the max if you can. So if the max limit of a deposit is 5k, people say work to get it up to 5k or as high as you can go. If you only put 500 into it, it shows the bank your not even going to be wanting to part with more than 500 to them and they will keep you at 500 when it graduates. Your not taking a risk with them, why should they take a risk with you? By pushing it to the max (even if its just your personal max that you can afford and or are willing to tie up) you set yourself up with a nice credit limit also so that in the future any other credit you apply for will show that you can handle higher limits.



Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three
Regular Contributor
aplast
Posts: 150
Registered: ‎06-20-2012

Re: Didn't know WF gave auto CLI on secured card


dodgerslv wrote:

To all previous WF secured cardholders: did any of you ever recieve auto CLI while the card was still secured? what was the outcome come eligible for graduation?


I never recieved a CLI while the card was secured. I opened my account in November of 2010. They just sent a grad letter about 3 weeks ago, and my account is set to unsecure December 3rd. From what I gather the CL is going to stay the same and you can request a CLI which two different representatives confirmed woudl be a SP. Still havent gotten my secured funds back, but thats alright - it is paying for my plane to vegas this evening :smileyhappy:

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